Temex and Nuinsco strike Uranium Project Deal
Temex and Nuinsco strike Uranium Project Deal
TORONTO, ONTARIO: Temex Resources Corp. (TSX Venture Exchange:TME, Frankfurt:TQ1) ("Temex" or “the Company”) announces that it has entered into a binding letter of intent with Nuinsco Resources Limited ("Nuinsco") whereby Temex has granted Nuinsco the option to acquire a 50% interest in the Marijane Lake and Huston Lake uranium properties totaling 87 staked mining claims (the "Claims") and covering 52,604 acres. The two properties are located in eastern Manitoba and northwestern Ontario within a geological setting recognized by the Ontario Geological Survey (“OGS”) to have high potential to host uranium deposits.
 Nuinsco and Temex enter into Option and Joint Venture Agreement to explore uranium properties
 Prospecting in 2007 discovered several outcrops along an 8 km by 1.5 km east-west corridor noted to have yellow staining identified as secondary uranium mineral uranophane
 Six out of 37 bedrock samples returned analyses greater than 300 ppm uranium
 Anomalous values range from 0.047% to 0.13% U3O8
Temex acquired the properties by staking (news release July 17, 2007) to cover a prominent equivalent uranium radiometric anomaly apparent on OGS and Geological Survey of Canada (“GSC”) surveys (1977). Recent re-processing of the data by the GSC demonstrates that the geophysical anomaly covers a strike length of approximately 45 km with the most intense portion of the anomaly occurring over a strike length of 10 km. The anomaly is defined by several multi-line highs and represents the largest and strongest anomaly in the region. The radiometric anomaly occurs along strike of a major geological contact zone and from which previous work has identified uranium mineralization including high grade historic drill intersections of 1.80% U3O8 over 0.60 metres, 0.38% U3O8 over 1.5 metres and 0.065% U3O8 over 4.6 metres. The Property also hosts or is proximal to numerous showings and occurrences. Initial evaluation of the available data suggested there is a large area with potential to host uranium mineralization.
A ten day prospecting program in 2007 designed to focus on target areas proximal to the most intense portions of the airborne anomalies resulted in the discovery of several new uranium showings in the Marijane Lake and Huston Lake areas. An east-west trending corridor approximately 8 km long by 1.5 km wide was identified as having elevated radioactivity counts with six samples returning values over 300 ppm uranium; assay analyses of the samples were 0.06% and 0.13% U3O8 on the Marijane Lake claims and 0.047%, 0.92%, 0.123% and 0.124% U3O8 on the Huston Lake claims. The samples were taken from medium to coarse-grained white to pink granite (quartz-feldspar-biotite), which sometimes exhibited powdery yellow staining, which was subsequently identified as the secondary uranium mineral uranophane by Electron Microprobe analyses performed at Carleton University, Ottawa.
In order to earn its undivided 50% interest in the Claims Nuinsco shall, upon execution and delivery of a definitive Option and Joint Venture Agreement, make a cash payment of $50,000 and issue to Temex 200,000 common shares of Nuinsco. In order to earn its interest, Nuinsco must also complete $500,000 of exploration expenditures before the first anniversary of the agreement and an aggregate of $750,000 over a two-year period. Nuinsco must also issue an additional 100,000 shares upon completion of the first $500,000 in exploration expenditures. Nuinsco shall be entitled to extend for one year the time for completion of each milestone of the Work Commitment by notice to Temex if given prior to the applicable anniversary of signing. Each extension shall require Nuinsco to issue Temex 50,000 common shares of Nuinsco. The terms of the transaction are subject to TSX Venture Exchange approval.
During the earn-in period, Temex will act as operator for the first $500,000 in exploration expenditures and is entitled to charge an industry standard management fee. Nuinsco shall be granted the right to elect to become operator once the initial $500,000 in exploration expenditures has been completed. Upon Nuinsco earning its 50% interest in the Claims, Temex shall have 60 days from the date of exercise of the Option to elect either to form a 50:50 Joint Venture with Nuinsco for further exploration and development of the Claims or to forego the Joint Venture and reduce its undivided 50% interest in the Claims to a 15% carried and non-assessable interest in the Claims to the date of commencement of commercial production from the Claims. Should Temex elect to form a Joint Venture, Temex shall be the operator and the Joint Venture shall be governed by a joint management committee.
Karen Rees, P. Geo., General Manager, is the designated qualified person responsible for the preparation of this news release. Temex is a well-funded Canadian exploration company advancing its precious metal, nickel, diamond and uranium projects in Ontario and Manitoba. For further information, contact Ian Campbell or Bruce Durham at 416-862-2246 or visit www.temexcorp.com for more detailed information on each project, and where the Company’s latest presentation has been posted. Investors may visit the Temex IR Hub at http://www.agoracom.com/ir/Temex where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to mailto:TME@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
On behalf of the Board of Directors,
President and CEO
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